Cocomelon company's inventory records report the following in November of the current year: BeginningNovember 1 25 units @ P 15 Purchase November 2 60 units @ P 13 Purchase November 12 10 units @ P17 On November 8, it sold 70 units for Php 100 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 70 units sold?

Q: Ava Inc. had the following transactions on its inventory during 2021. Ava uses perpetual inventory…

A: The question is based on the concept of Cost Accounting. Perpetual moving average is one of the…

Q: Pella Corporation uses a moving average perpetual inventory system. April 2, 10 units were purchased…

A: The NUmerical has covered the concept of Moving Average Method Under Perpetual method of Inventory.…

Q: Nash's Trading Post, LLC uses a periodic inventory system. Details for the inventory account for the…

A: Formula: Sales units = Beginning inventory + Purchases - Ending inventory. Gross profit = Sales -…

Q: Marigold Company has the following inventory information. July 1 Beginning Inventory 30 units at $80…

A: Ending units  = 30 + 70 - 45 + 40 - 30 = 65 units   Cost per unit on July 5 = [(30 x $80) + (70 x…

Q: Jacobs Company has inventory of 15 units at a cost of $12 each on June 1. On June 5, Jacobs…

A: Note: It is assumed that periodic inventory system is used.

Q: The following units of an item were available for sale during the year: Beginning inventory 35 units…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Walstrom Company uses a perpetual inventory system and had the following inventory transactions for…

A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…

Q: On 1st May, the Opening Inventory balance of a product is 200 units @ 10 per unit. Using the…

A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and…

Q: Green Company has beginning inventory of 20 units at a cost of $12.00 each on May 1. On May 5, it…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Marin Company uses a perpetual inventory system. Beginning inventory is 5,000 T-shirts at a cost…

A: Under Weighted Average method, using perpetual inventory system, value of ending inventory and Cost…

Q: Waterway Company's inventory records show the following data: Units Unit Cost 10200 Inventory,…

A: The direct cost associated with the production of a product constitutes the cost of goods sold in…

Q: Muscat Company has the following inventory information. Units Per unit price Total July 1 Beginning…

A: Inventory costing is defined as the process of allocating cost to the inventory associated with the…

Q: Acme-Jones Corporation uses a weighted-average perpetual inventory system. August 2, 10 units were…

A: 1. COST OF GOODS SOLD : = NUMBER OF UNITS SOLD X WEIGHTED AVERAGE COST PER UNIT  2. WEIGHTED AVERAGE…

Q: Marigold uses the periodic inventory system. For the current month, the beginning inventory…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: A company had the following purchases during its first year of operations: Purchases Sales January…

A: Weighted Average Cost Method: The weighted average cost technique divides the cost of commodities…

Q: The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending…

A: First-in, first-out is the method of inventory valuation where goods which are purchased firstly,…

Q: company's inventory records report the following in November of the current year:…

A: Under LIFO inventory system, the goods received last are despatched first. Gross Profit is computed…

Q: Kuyu Company uses the periodic inventory system. Kuyu started the period with $12,000 in inventory.…

A: The cost of goods sold refer to the cost of producing the goods which are sold in the market. It is…

Q: On 1st March, Sea View Ltd. had the Opening Inventory balance of a product is 220 units @ 22 per…

A: Total sales value refers to the total sales revenue earned by the entity during the period. It is…

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…

A: Calculate Units sold:  Units Sold=Total units avaialble-Inventory at November 30=97-13=84

Q: Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning…

A: The question is based on the concept of Cost Accounting.

Q: Larkspur Company uses a perpetual inventory system. Beginning inventory is 2,700 T-shirts at a cost…

A: Lets understand the basics. There are various type of inventory systems are followed by the entities…

Q: er unit January 26 40 units sold What is the value of inventory at 31 January using the FIFO method?…

A: First in, first out (FIFO) is an accounting approach that prioritises the sale of assets acquired…

Q: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases…

A: The cost of goods sold can be determined using various methods like FIFO, LIFO, and the weighted…

Q: 3. LP Trading had a beginning inventory on November 1 of 45 units of goods at a cost of $50 per…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: Tamarisk, Inc. has the following inventory data: July 1 Beginning inventory 90 units at $19 $1710…

A: Given the following information: July 1: Beginning Inventory = 90 units @ $19 = $1,710 July 7:…

Q: ZARA uses a First-In-First-Out (FIFO) perpetual inventory system and has the following purchases and…

A: Inventory management is important for manufacturing companies. There are mainly three methods of…

Q: The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending…

A: Under FIFO method, the goods purchased first are sold first and newer goods are sold later.

Q: The following units of an item were available for sale during the year: Beginning inventory 35 units…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for…

A: Total cost = Cost per unit * Number of units The question requires purchase cost of goods purchased…

Q: Jammer Company uses a weighted average perpetual inventory system and reports the following: 12…

A: The weighted average method is a method of inventory valuation that says that the average cost per…

Q: periodic inventory system. A physical count of merchandise inventory on June 30th reveals that there…

A: Ans. In FIFO method of inventory valuation the units which are purchased at the beginning are sold…

Q: Montero Company maintains a perpetual inventory system and sells all its inventories at a price of…

A: Under FIFO method, goods purchased first are to be sold first and newer goods are left in stock or…

Q: SOVEREIGN Industries' inventory during the year is given below. The company uses a periodic…

A: Total units sold = 4200 + 2000 + 2500 + 3000 + 1000 - 400 = 12300 units   In the FIFO method, units…

Q: During the year, TRC Corporation has the following inventory transactions. Number Unit Date…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Bonita Company uses a periodic inventory system. Details for the inventory account for the month of…

A: Under periodic method, no individual entries are recorded, rather at the end of accounting period or…

Q: Mahmood's company has beginning inventory of 35 units at a cost of $40 each on December 1. On…

A:

Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory…

A: Calculating units sold: Units sold = Total units available for sale - Units in ending inventory = 96…

Q: Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10…

A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average cost method FIFO…

Q: ginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at…

A: Cost of goods sold are valued at cost applying various methods of inventory valuation. First in…

Q: Swifty Company uses the perpetual inventory system and the moving-average method to value…

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…

Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty…

A:

Q: A company's inventory records report the following in November of the current year: 5 units e $13…

A: LIFO (Last-in, First-Out) is one of the inventory method where all the latest inventory to be sold…

Q: A company has inventory of 17 units at a cost of $11 each on May 1. On May 5, they purchased 11…

A: FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the…

Q: A company’s inventory records report the following in November of the current year:…

A: Number of units available for sale = 6 + 12 + 8 = 26 units Number of units sold = 14 units Ending…

Q: Starlight Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it…

A: Compute the value of ending inventory after October 4 sale under LIFO method as shown below:

Q: Mika Corporation uses FIFO method to calculate the value of Inventory on hand on March 31 and cost…

A: First In, First Out (FIFO) is part of an accounting method where assets which are acquired first are…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.